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Upon receipt of property through voluntary reconveyance, foreclosure or abandonment, the mortgagee neither recognizes a gain or loss nor considers the debt worthless or partially worthless under the bad debt provisions of IRC section 166.
Those numbers don't include loans somewhere in the foreclosure process (a record 3.
In Colorado, new foreclosures decreased 4 percent through 2005, but the state's annual foreclosure rate ranked the second highest nationwide due to consistently high foreclosure numbers through the year.
Meanwhile, the state's foreclosure rate was well below the national average in May, with one foreclosure for every 3,300 households.
The guidance in the new bulletin concludes that, if the characteristics outlined in paragraph 8 of the notice imply investments in real estate or joint ventures exist for the loan being evaluated, then the first two criteria for in-substance foreclosure likely will be met.
76 million pre-foreclosure filings so far this year are in 10 counties out of the more than 1,300 nationwide included in the ForeclosureS.
The company has been publishing property foreclosure information for about 10 years to help investors locate distressed homeowners who have run out of both options and time.
Davyon further claimed that EDEA is a corporation which is owned and controlled by Greenberg and is an alter ego of Greenberg; and that Davyon continually occupied the property since long before the foreclosure action pursuant to a valid lease, with the full knowledge of EDEA's principals, Mr.
Not all of these first September foreclosure numbers, however, are glum," says Alexis McGee, president of ForeclosureS.
The all-time peak was first-quarter 1996 when, 44,665 homes went into foreclosure.
The court stated that although the sale at foreclosure will not ordinarily be disturbed where it was fairly made and free from fraud, a judicial sale may be set aside when someone obtained an undue advantage or where a party was unfairly dealt with.